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Chemung Financial

Nasdaq:CHMG
Snowflake Description

Flawless balance sheet with proven track record and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CHMG
Nasdaq
$220M
Market Cap
  1. Home
  2. US
  3. Banks
Company description

Chemung Financial Corporation operates as a bank. The last earnings update was 39 days ago. More info.


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CHMG Share Price and Events
7 Day Returns
-1.5%
NasdaqGS:CHMG
0%
US Banks
1.5%
US Market
1 Year Returns
-11.5%
NasdaqGS:CHMG
-8.3%
US Banks
1%
US Market
CHMG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Chemung Financial (CHMG) -1.5% -7.8% -2.5% -11.5% 51.9% 57.9%
US Banks 0% -0.8% -2.7% -8.3% 46.1% 40.5%
US Market 1.5% 1% 1.4% 1% 37.6% 38.1%
1 Year Return vs Industry and Market
  • CHMG underperformed the Banks industry which returned -8.3% over the past year.
  • CHMG underperformed the Market in United States of America which returned 1% over the past year.
Price Volatility
CHMG
Industry
5yr Volatility vs Market

Value

 Is Chemung Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Chemung Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Chemung Financial.

NasdaqGS:CHMG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $38.25 * 6.7%
$2.55
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $38.25
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:CHMG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Banks Unlevered Beta Simply Wall St/ S&P Global 0.59
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.591 (1 + (1- 21%) (5.75%))
0.744
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NasdaqGS:CHMG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Chemung Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NasdaqGS:CHMG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (6.7% – 7.5%) * $38.25)
$-0.32
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.32 / (7.5% - 2.73%)
$-6.62
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $38.25 + $-6.62
$31.63
NasdaqGS:CHMG Discount to Share Price
Calculation Result
Value per share (USD) From above. $31.63
Current discount Discount to share price of $45.50
= -1 x ($45.50 - $31.63) / $31.63
-43.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Chemung Financial is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Chemung Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Chemung Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:CHMG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $4.06
NasdaqGS:CHMG Share Price ** NasdaqGS (2019-06-14) in USD $45.5
United States of America Banks Industry PE Ratio Median Figure of 600 Publicly-Listed Banks Companies 12.69x
United States of America Market PE Ratio Median Figure of 3,092 Publicly-Listed Companies 17.72x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Chemung Financial.

NasdaqGS:CHMG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CHMG Share Price ÷ EPS (both in USD)

= 45.5 ÷ 4.06

11.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemung Financial is good value based on earnings compared to the US Banks industry average.
  • Chemung Financial is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Chemung Financial's expected growth come at a high price?
Raw Data
NasdaqGS:CHMG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 11.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
0.5%per year
United States of America Banks Industry PEG Ratio Median Figure of 271 Publicly-Listed Banks Companies 1.37x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NasdaqGS:CHMG PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 11.21x ÷ 0.5%

24.76x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemung Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Chemung Financial's assets?
Raw Data
NasdaqGS:CHMG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $35.47
NasdaqGS:CHMG Share Price * NasdaqGS (2019-06-14) in USD $45.5
United States of America Banks Industry PB Ratio Median Figure of 603 Publicly-Listed Banks Companies 1.2x
United States of America Market PB Ratio Median Figure of 5,242 Publicly-Listed Companies 1.8x
NasdaqGS:CHMG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CHMG Share Price ÷ Book Value per Share (both in USD)

= 45.5 ÷ 35.47

1.28x

* Primary Listing of Chemung Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Chemung Financial is overvalued based on assets compared to the US Banks industry average.
X
Value checks
We assess Chemung Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Banks industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Banks industry average (and greater than 0)? (1 check)
  5. Chemung Financial has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Chemung Financial expected to perform in the next 1 to 3 years based on estimates from 2 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Chemung Financial expected to grow at an attractive rate?
  • Chemung Financial's earnings growth is positive but not above the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Chemung Financial's earnings growth is positive but not above the United States of America market average.
  • Chemung Financial's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:CHMG Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:CHMG Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts 0.5%
NasdaqGS:CHMG Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 2.2%
United States of America Banks Industry Earnings Growth Rate Market Cap Weighted Average 3.8%
United States of America Banks Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:CHMG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:CHMG Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 83 19 1
2019-12-31 81 19 1
NasdaqGS:CHMG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 80 28 20
2018-12-31 80 28 20
2018-09-30 73 27 12
2018-06-30 70 25 8
2018-03-31 70 24 9
2017-12-31 68 24 7
2017-09-30 72 19 13
2017-06-30 71 20 12
2017-03-31 70 23 10
2016-12-31 71 22 10
2016-09-30 71 24 9
2016-06-30 70 21 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Chemung Financial's earnings are expected to grow by 0.5% yearly, however this is not considered high growth (20% yearly).
  • Chemung Financial's revenue is expected to grow by 2.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:CHMG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Chemung Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHMG Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 3.98 4.04 3.91 2.00
2019-12-31 3.84 3.86 3.82 2.00
NasdaqGS:CHMG Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 4.06
2018-12-31 4.06
2018-09-30 2.43
2018-06-30 1.76
2018-03-31 1.85
2017-12-31 1.55
2017-09-30 2.62
2017-06-30 2.43
2017-03-31 2.16
2016-12-31 2.11
2016-09-30 1.94
2016-06-30 1.88

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Chemung Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Chemung Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Chemung Financial has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Chemung Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Chemung Financial's growth in the last year to its industry (Banks).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Chemung Financial's year on year earnings growth rate has been positive over the past 5 years.
  • Chemung Financial's 1-year earnings growth exceeds its 5-year average (121.1% vs 14.2%)
  • Chemung Financial's earnings growth has exceeded the US Banks industry average in the past year (121.1% vs 39.5%).
Earnings and Revenue History
Chemung Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Chemung Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:CHMG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 80.13 19.66 46.28
2018-12-31 80.40 19.63 46.52
2018-09-30 73.37 11.74 45.52
2018-06-30 70.25 8.46 45.19
2018-03-31 70.42 8.89 44.88
2017-12-31 68.46 7.43 43.95
2017-09-30 72.28 12.54 44.33
2017-06-30 71.07 11.63 44.73
2017-03-31 70.31 10.30 45.66
2016-12-31 71.04 10.03 46.54
2016-09-30 70.62 9.20 46.90
2016-06-30 70.49 8.91 46.85
2016-03-31 70.41 9.86 46.23
2015-12-31 69.52 9.43 45.89
2015-09-30 74.93 11.79 47.31
2015-06-30 74.46 9.02 47.09
2015-03-31 73.12 8.37 46.73
2014-12-31 72.34 8.16 46.19
2014-09-30 65.39 5.16 44.18
2014-06-30 63.56 7.66 42.71
2014-03-31 62.53 8.38 40.92
2013-12-31 61.48 8.73 39.84
2013-09-30 61.41 9.38 39.50
2013-06-30 61.97 10.03 39.14
2013-03-31 62.03 9.82 39.58
2012-12-31 62.41 11.02 38.84
2012-09-30 62.58 11.85 38.44
2012-06-30 62.62 12.31 37.65

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Chemung Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Chemung Financial used its assets more efficiently than the US Banks industry average last year based on Return on Assets.
  • Unable to establish if Chemung Financial improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Chemung Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Banks industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Chemung Financial has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Chemung Financial's financial position? (This company is analysed differently as a bank or financial institution)

This company is a bank or financial institution.

Fundamentally a bank's business is based upon borrowing and lending money, for this reason they typically have high levels of debt and we analyse them differently.
Net Worth
Balance sheet
This treemap shows a more detailed breakdown of Chemung Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Chemung Financial Company Filings, last reported 2 months ago.

NasdaqGS:CHMG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 171.53 12.65 127.67
2018-12-31 165.03 7.59 133.02
2018-09-30 156.50 6.87 115.99
2018-06-30 151.78 65.68 37.14
2018-03-31 150.26 16.33 32.84
2017-12-31 149.81 75.27 32.14
2017-09-30 154.28 23.58 59.12
2017-06-30 151.96 25.60 67.30
2017-03-31 148.26 28.95 127.49
2016-12-31 143.75 42.18 74.71
2016-09-30 144.81 53.90 137.20
2016-06-30 143.41 52.75 108.12
2016-03-31 141.05 50.84 56.59
2015-12-31 137.24 64.49 25.50
2015-09-30 138.72 52.50 76.08
2015-06-30 136.52 69.68 30.74
2015-03-31 136.29 53.34 85.91
2014-12-31 133.63 82.79 28.97
2014-09-30 139.56 58.11 36.17
2014-06-30 141.78 55.27 67.50
2014-03-31 140.52 55.84 58.38
2013-12-31 138.58 57.94 53.00
2013-09-30 134.81 105.65 41.26
2013-06-30 132.68 56.67 27.43
2013-03-31 132.91 58.59 48.79
2012-12-31 131.11 59.94 40.59
2012-09-30 132.88 60.96 81.51
2012-06-30 130.21 72.88 74.43
BANK ANALYSIS

This company is a bank or financial institution, which is analysed accordingly below.

Below we check the amount of loans the bank has, how many of those are bad, and its ability to cover any bad loans.
  • Chemung Financial has an acceptable proportion of non-loan assets held.
  • Chemung Financial's liabilities are made up of primarily low risk sources of funding.
  • Loans at Chemung Financial are broadly funded by customer deposits.
  • Chemung Financial's level of assets compared to its equity is moderate (i.e. an appropriate level of borrowing to fund lending).
  • Chemung Financial has a sufficient allowance for bad loans.
  • Chemung Financial has an acceptable level of bad loans (less than 2%).
X
Financial health checks
We assess Chemung Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Chemung Financial has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Chemung Financial's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.29%
Current annual income from Chemung Financial dividends. Estimated to be 2.29% next year.
If you bought $2,000 of Chemung Financial shares you are expected to receive $46 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Chemung Financial's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Chemung Financial's dividend is below the markets top 25% of dividend payers in United States of America (3.72%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:CHMG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
United States of America Banks Industry Average Dividend Yield Market Cap Weighted Average of 478 Stocks 2.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:CHMG Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.04 2.00
2019-12-31 1.04 2.00
NasdaqGS:CHMG Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-15 1.040 2.230
2019-02-22 1.040 2.191
2018-11-15 1.040 2.439
2018-08-16 1.040 2.449
2018-05-17 1.040 2.143
2018-02-22 1.040 2.253
2017-11-16 1.040 2.159
2017-11-01 1.040 2.193
2017-10-19 1.040 2.285
2017-05-18 1.040 2.540
2017-02-16 1.040 2.766
2016-11-17 1.040 3.020
2016-08-18 1.040 3.568
2016-05-19 1.040 3.419
2016-02-18 1.040 3.850
2015-11-19 1.040 3.786
2015-08-20 1.040 3.841
2015-05-21 1.040 3.920
2015-02-27 1.040 3.815
2014-11-24 1.040 3.762
2014-08-22 1.040 3.678
2014-05-22 1.040 3.622
2014-02-27 1.040 3.686
2013-11-21 1.040 3.249
2013-08-26 1.040 3.113
2013-05-28 1.040 3.167
2013-02-21 1.040 3.196
2012-11-21 1.000 3.509
2012-08-20 1.000 4.140
2012-08-13 1.000 4.141
2012-05-14 1.000 4.006
2012-03-28 1.000 3.936
2011-11-15 1.000 4.162
2011-08-19 1.000 4.317
2011-05-17 1.000 4.351
2011-03-16 1.000 4.250
2010-11-09 1.000 4.374
2010-08-11 1.000 4.683
2010-05-10 1.000 4.813
2010-03-15 1.000 4.932
2009-11-10 1.000 4.838
2009-08-12 1.000 4.911

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Chemung Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.9x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Chemung Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Chemung Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Chemung Financial has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Chemung Financial's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Anders Tomson
COMPENSATION $801,997
AGE 51
TENURE AS CEO 2.5 years
CEO Bio

Mr. Anders M. Tomson has been the President, Chief Executive Officer and Director of Chemung Canal Trust Company and Chemung Financial Corporation since July 2015 and as its Chief Executive Officer and Director since December 22, 2016. Mr. Tomson served as the President of Capital Bank Division at Chemung Canal Trust Company, a subsidiary of Chemung Financial Corporation since April 20, 2011. He served as the Chief Operating Officer of Chemung Canal Trust Company and Chemung Financial Corporation from July 2015 to December 22, 2016. Mr. Tomson joined the Chemung Financial Corp. in 2011. He served as President of Capital Bank & Trust Company, a subsidiary bank of Fort Orange Financial Corp. since January 1, 2011. He served as Senior Vice President and Commercial Real Estate Division Executive at Citizens Bank in Albany from 2006 to 2010. He served as a Director of Fort Orange Financial Corp. Qualifications to serve on the Board include over ten years of experience in the banking industry, and leadership, management, strategic planning and organizational skills.

CEO Compensation
  • Anders's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Anders's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Chemung Financial management team in years:

5
Average Tenure
57
Average Age
  • The average tenure for the Chemung Financial management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Anders Tomson

TITLE
President
COMPENSATION
$802K
AGE
51
TENURE
2.5 yrs

Karl Krebs

TITLE
CFO & Treasurer
COMPENSATION
$440K
AGE
62
TENURE
5.7 yrs

Dan Fariello

TITLE
President of Capital Bank Division - Chemung Canal Trust Company
COMPENSATION
$341K
AGE
41
TENURE
1.4 yrs

Thomas Wirth

TITLE
Executive Vice President of Wealth Management Group - Chemung Canal Trust Company
COMPENSATION
$315K
AGE
52
TENURE
4.4 yrs

Karen Makowski

TITLE
Executive VP & Chief Risk Officer - Chemung Canal Trust Company
COMPENSATION
$383K
AGE
61
TENURE
8.4 yrs

Kathy McKillip

TITLE
Assistant VP & Corporate Secretary

Mike Wayne

TITLE
Senior VP & Director of Marketing
AGE
57
TENURE
13.4 yrs

Pamela Burns

TITLE
Senior Vice President of Human Resources

Norman Ward

TITLE
SVP, Chief Auditor & Senior Investment Officer
AGE
68

Catherine Crandall

TITLE
Senior Vice President of WMG Estate Administration
Board of Directors Tenure

Average tenure and age of the Chemung Financial board of directors in years:

10.3
Average Tenure
65.5
Average Age
  • The average tenure for the Chemung Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

David Dalrymple

TITLE
Chairman of the Board
COMPENSATION
$82K
AGE
64
TENURE
26.4 yrs

Anders Tomson

TITLE
President
COMPENSATION
$802K
AGE
51
TENURE
2.5 yrs

Robert Dalrymple

TITLE
Director
COMPENSATION
$44K
AGE
67
TENURE
24.4 yrs

Stephen Lounsberry

TITLE
Director
COMPENSATION
$50K
AGE
64
TENURE
24.4 yrs

Richard Swan

TITLE
Director
COMPENSATION
$48K
AGE
69
TENURE
35.4 yrs

Larry Becker

TITLE
Director
COMPENSATION
$42K
AGE
78
TENURE
8.1 yrs

Tom Tyrrell

TITLE
Director
COMPENSATION
$43K
AGE
67
TENURE
5.3 yrs

Ron Bentley

TITLE
Director
COMPENSATION
$102K
AGE
65
TENURE
12.3 yrs

Bruce Boyea

TITLE
Director
COMPENSATION
$33K
AGE
66
TENURE
8.3 yrs

Tom Tranter

TITLE
Director
COMPENSATION
$44K
AGE
63
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • Chemung Financial insiders have only sold shares in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
22. May 19 Sell Thomas Wirth Individual 21. May 19 21. May 19 -200 $47.50 $-9,500
15. May 19 Sell Daniel Fariello Individual 14. May 19 14. May 19 -429 $48.47 $-20,793
08. May 19 Sell Daniel Fariello Individual 06. May 19 06. May 19 -9 $48.50 $-437
06. Mar 19 Buy Jeffrey Streeter Individual 05. Mar 19 05. Mar 19 594 $47.11 $27,986
25. Feb 19 Sell Karen Makowski Individual 22. Feb 19 25. Feb 19 -500 $48.35 $-24,164
29. Jan 19 Buy G. Tranter Individual 28. Jan 19 28. Jan 19 500 $41.50 $20,750
28. Jan 19 Buy Denise Gonick Individual 28. Jan 19 28. Jan 19 1,000 $41.76 $41,760
25. Oct 18 Buy G. Tranter Individual 24. Oct 18 24. Oct 18 850 $42.50 $36,125
30. Aug 18 Sell Robert Dalrymple Individual 28. Aug 18 29. Aug 18 -2,241 $42.39 $-94,787
27. Aug 18 Sell Robert Dalrymple Individual 27. Aug 18 27. Aug 18 -2,000 $42.66 $-85,325
23. Aug 18 Sell Robert Dalrymple Individual 21. Aug 18 22. Aug 18 -5,000 $42.57 $-212,770
23. Aug 18 Sell John Potter Individual 21. Aug 18 21. Aug 18 -1,000 $42.70 $-42,700
25. Jul 18 Sell Thomas Wirth Individual 23. Jul 18 23. Jul 18 -250 $47.00 $-11,750
X
Management checks
We assess Chemung Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Chemung Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Should Investors Feel About Chemung Financial Corporation's (NASDAQ:CHMG) CEO Pay?

Anders Tomson became the CEO of Chemung Financial Corporation (NASDAQ:CHMG) in 2016. … Check out our latest analysis for Chemung Financial How Does Anders Tomson's Compensation Compare With Similar Sized Companies? … A first glance this seems like a real positive for shareholders, since Anders Tomson is paid less than the average total compensation paid by similar sized companies.

Simply Wall St -

Real Risks To Know Before Investing In Chemung Financial Corporation (NASDAQ:CHMG)

As a small-cap bank with a market capitalisation of US$242m, Chemung Financial Corporation’s (NASDAQ:CHMG) profit and value are directly affected by economic growth. … Risk associated with repayment is measured by bad debt which is written off as an expense, impacting Chemung Financial’s bottom line. … See our latest analysis for Chemung Financial

Simply Wall St -

Should You Be Worried About Insider Transactions At Chemung Financial Corporation (NASDAQ:CHMG)?

So before you buy or sell Chemung Financial Corporation (NASDAQ:CHMG), you may well want to know whether insiders have been buying or selling. … While insider selling is not a positive sign, we can't be sure if it does mean insiders think the shares are fully valued, so it's only a weak sign. … Over the last year we saw more insider selling of Chemung Financial shares, than buying

Simply Wall St -

Do Directors Own Chemung Financial Corporation (NASDAQ:CHMG) Shares?

A look at the shareholders of Chemung Financial Corporation (NASDAQ:CHMG) can tell us which group is most powerful. … As Nassim Nicholas Taleb said, 'Don’t tell me what you think, tell me what you have in your portfolio.'. … Chemung Financial is a smaller company with a market capitalization of US$216m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

Introducing Chemung Financial, A Stock That Climbed 76% In The Last Three Years

One flawed but reasonable way to assess how sentiment around a company has changed, is to compare the earnings per share (EPS) with the share price. … During three years of share price growth, Chemung Financial achieved compound earnings per share growth of 27% per year. … The average annual share price increase of 21% is actually lower than the EPS growth.

Simply Wall St -

Understated Factors To Consider Before Investing In Chemung Financial Corporation (NASDAQ:CHMG)

As a small-cap finance stock with a market capitalisation of US$199m, the risk and profitability of Chemung Financial Corporation (NASDAQ:CHMG) are largely tied to the underlying economic growth of the region it operates in US. … These reforms target banking regulations and intends to enhance financial institutions’ ability to absorb shocks resulting from economic stress which could expose banks like Chemung Financial to vulnerabilities. … Today we will be measuring Chemung Financial’s financial risk position by looking at three leverage and liquidity metrics.

Simply Wall St -

Have Insiders Been Selling Chemung Financial Corporation (NASDAQ:CHMG) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Chemung Financial Corporation (NASDAQ:CHMG). … That means that an insider was selling shares at around the current price of US$40.60. … Over the last year we saw more insider selling of Chemung Financial shares, than buying

Simply Wall St -

August Fundamental Stock Pick: Chemung Financial Corporation (NASDAQ:CHMG)

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Chemung Financial Corporation (NASDAQ:CHMG), it

Simply Wall St -

Why Chemung Financial Corporation (NASDAQ:CHMG) Delivered An Inferior ROE Compared To The Industry

Chemung Financial Corporation (NASDAQ:CHMG) generated a below-average return on equity of 5.58% in the past 12 months, while its industry returned 8.67%. … An investor may attribute an inferior ROE to a relatively inefficient performance, and whilst this can often be the case, knowing the nuts and bolts of the ROE calculation may change that perspective and give you a deeper insight into CHMG's past performance. … I will take you through how metrics such as financial leverage impact ROE which may affect the overall sustainability of CHMG's returns

Simply Wall St -

What To Know Before Buying Chemung Financial Corporation (NASDAQ:CHMG) For Its Dividend

In the past 10 years Chemung Financial Corporation (NASDAQ:CHMG) has returned an average of 4.00% per year to investors in the form of dividend payouts. … Does Chemung Financial tick all the boxes of a great dividend stock? … View out our latest analysis for Chemung Financial

Simply Wall St -

Company Info

Description

Chemung Financial Corporation operates as a bank. The bank offers demand deposits and interest and non-interest bearing time and savings deposits. It's deposits include jumbo deposits and retail time deposits. The bank provides commercial and industrial loans, consumer loans, commercial real estate loans, and other loans and leases. The company offers consumer loans, including credit card loans, revolving credit plans, and automotive loans. The company offers commercial real estate loans for land development and on-site construction of industrial, commercial, residential, or farm buildings in the United States; real estate-backed residential loans; and commercial loans collateralized by real estate properties. The company offers domestic and foreign commercial and industrial loans. The company offers loans for the purpose of financing agricultural production; loans which include planned and unplanned overdrafts, to governments in non-U.S. countries, to their official institutions, and to international and regional institutions. For 2017, it has an asset value of 1.7 million USD. The bank has generated a net income of 7,430 USD in December 31, 2017. Chemung Financial Corporation was founded in 1833 and is based in Elmira, New York.

Details
Name: Chemung Financial Corporation
CHMG
Exchange: NasdaqGS
Founded: 1833
$220,104,202
4,837,455
Website: http://www.chemungcanal.com
Address: Chemung Financial Corporation
One Chemung Canal Plaza,
Elmira,
New York, 14901,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CHMG Common Stock Nasdaq Global Select US USD 06. Jan 1975
Number of employees
Current staff
Staff numbers
374
Chemung Financial employees.
Industry
Regional Banks
Banks
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/14 23:33
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/04/22
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.